Governor Deval Patrick today announced a state-federal partnership to advance the Somerville Assembly Square Project. Joined by Senator John Kerry,Congressman Mike Capuano, and Somerville Mayor Joseph A. Curtatone, the Governor said more than $65 million in state bond and federal stimulus funds will support the public infrastructure improvements needed to accelerate a development project and create thousands of permanent jobs and long-term regional economic growth.
The Governor has committed $50 million as the state’s first project supported by Infrastructure Investment Incentive Program (I-Cubed) program bonds. I-Cubed creates a partnership between a developer, a host community and the state, helping municipalities and developers fund street, sidewalk, water and sewer and other infrastructure projects that ignite private development and stimulate the state’s economy. These funds will support public infrastructure improvements at the project.
The Congressional delegation and the Governor have also committed to using $15 million in American Recovery and Reinvestment Act (ARRA) Highway Transportation funding to complete the necessary infrastructure improvements for the mixed-use project.
A large, multi-phase project to be completed over several years, the Assembly Square project will ultimately result in 1.75 million square feet of office space, 1.15 million square feet of retail space including a new hotel, 2,100 rental and ownership condominium housing units and a new MBTA Orange line stop.
Learn more about Governor Patrick's Massachusetts Recovery Plan.